A confidential memo circulating among senior Republican leaders suggests that a new attack by terrorists on U.S. soil could reverse the sagging fortunes of President George W. Bush as well as the GOP and “restore his image as a leader of the American people.”

The closely-guarded memo lays out a list of scenarios to bring the Republican party back from the political brink, including a devastating attack by terrorists that could validate the Presidents war on terror and allow Bush to unite the country in a time of national shock and sorrow.

The memo says such a reversal in the President’s fortunes could keep the party from losing control of Congress in the 2006 midterm elections.

GOP insiders who have seen the memo admit its a risky strategy and point out that such scenarios are blue sky thinking that often occurs in political planning sessions.

The Presidents popularity was at an all-time high following the 9/11 attacks, admits one aide. Americans band together at a time of crisis.

Other Republicans, however, worry that such a scenario carries high risk, pointing out that an attack might suggest the President has not done enough to protect the country.

We also have to face the fact that many Americans no longer trust the President, says a longtime GOP strategist. That makes it harder for him to become a rallying point.